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1. The Pact of the Future—Financing Issues

Author:
Betty N. Wainaina and Sarah Cliffe
Publication Date:
01-2024
Content Type:
Commentary and Analysis
Institution:
Center on International Cooperation (CIC)
Abstract:
Submissions for the Summit of the Future were requested at the end of 2023. CIC developed and submitted a short input on financing and the Sustainable Development Goals (SDGs). This note lays out our rationale and narrative concerning financing for development. Why is financing such a contentious issue? In part, this is because the events of the last few years have increased global financing needs—for pandemic recovery and preparedness, for climate, for social protection and economic development to overcome price shocks and other international pressures. In addition, global financing plays a role in escalating grievances about double standards. Double standards are, of course, a broader argument, from failure to coordinate COVID-19 vaccines to questions over different applications of international humanitarian and human rights law in Ukraine versus Palestine. Financing plays a role here, however, because of obvious inequities following COVID-19. HICs spent 24 percent of their gross domestic product (GDP) on stimulus and social protection programs in the first year of COVID-19; MICS could spend only 6 percent and LICS only 2 percent. Debt distress has risen dramatically in the last four years; 25 percent of emerging market countries are at high risk of default, while among low-income countries 60 percent are either at high risk of default or already in default. Some of the reasons financing paragraphs became contentious in recent resolutions are more process-based. Using the SDG Summit Political Declaration as an example, the draft text was too detailed in some respects and laid open challenges as to what should be decided in different governance structures. Some areas were insufficiently tailored to the current state of debate at the IFIs, G20, and other international platforms, risking being out of date at the time of publication. In some aspects, they were not specific enough, missing an opportunity to bring new ideas to the table. Last, they did not focus sufficiently on the core comparative advantage of a UN platform for these discussions, which is to link the achievement of the SDGs, global political stability, and peaceful international relations with financing.
Topic:
Development, Finance, Sustainable Development Goals, and Multilateralism
Political Geography:
Global Focus

2. The UN General Assembly 2023: The urgency of compromise on financing for development

Author:
Natalie Briggs, Symphony Chau, Sarah Cliffe, Faiza Shaheen, and Betty N. Wainaina
Publication Date:
09-2023
Content Type:
Commentary and Analysis
Institution:
Center on International Cooperation (CIC)
Abstract:
New York will gear up this month to receive over 100 heads of state and government at the United Nations General Assembly. Behind the scenes, rising geopolitical tensions caused by structural competition, by the invasion of Ukraine and by the internationalization of other conflicts and coups d’etats (notably in West and Central Africa) will dominate. The world faces the prospect of more frequent interstate conflict and economic confrontation, which would have devastating consequences for international cooperation on socio-economic prosperity, conflict, and climate. We expect China, Russia, and Western countries to seek to build out their respective alliances—as previously analyzed, there have been moves from the West to make concessions to the Global South and a heating up of development competition between China and the West. In this CIC Perspective piece, authors examine the “state of play” at this year’s United Nations General Assembly (UNGA78), and discuss what success would look like at the Sustainable Development Goal (SDG) Summit taking place, along with how we can create the necessary means for action.
Topic:
Development, International Cooperation, United Nations, and Finance
Political Geography:
Global Focus

3. Good Peacebuilding Financing: Recommendations for Revitalizing Commitments

Author:
Sarah Cliffe, Paige Arthur, and Betty N. Wainaina
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
Center on International Cooperation (CIC)
Abstract:
At a moment of intense global pressure due to the pandemic and the Russian invasion of Ukraine, support for prevention and peacebuilding remains as vital as ever. This brief offers action-oriented recommendations to advance new and more inclusive approaches to peacebuilding financing on the eve of the UN High-level Meeting on Peacebuilding Financing.
Topic:
Conflict Prevention, United Nations, Finance, and Peacebuilding
Political Geography:
Global Focus

4. How can we work towards economic recovery for all? Financing for Development: the issues, challenges, and opportunities in 2021

Author:
Sarah Cliffe, Karina Gerlach, and Leah Zamore
Publication Date:
04-2021
Content Type:
Commentary and Analysis
Institution:
Center on International Cooperation (CIC)
Abstract:
2021, we all hope, will be the year of recovery. If COVID-19 vaccines are rolled out at scale, including in the developing world, global economic recovery will be large. But that in itself ensures neither that all countries will be included in the recovery, nor that all people within each country will see the gains. A rising tide, as we have seen only too well since US president John F. Kennedy first used the phrase in 1963, does not lift all boats. Elsewhere, CIC has analyzed the high demand for transformative policies in high- and low-income countries alike since the COVID-19 crisis began, including policies for domestic action on inequality and socioeconomic exclusion. This piece takes a more global view and considers how to ensure that all countries benefit, and examines the issues, challenges, and opportunities in financing for development. It looks first at the key political messages that explain why 2021 should be a year of urgent, ambitious global action for shared economic recovery; secondly at the measures under discussion (which are expanded in an annex); thirdly at the political interests at play; and fourthly at foreseeable scenarios for agreement. Last, we outline the calendar of relevant policy meetings this year and the challenge of orchestrating progress between them.
Topic:
Governance, Reform, Finance, Multilateralism, and COVID-19
Political Geography:
Global Focus

5. COVID-19 and the IMF-World Bank Spring Meetings

Author:
Sarah Cliffe
Publication Date:
04-2020
Content Type:
Policy Brief
Institution:
Center on International Cooperation (CIC)
Abstract:
The International Monetary Fund (IMF) and World Bank conducted their first virtual Spring Meetings amid the COVID-19 pandemic. This briefing summarizes the discussions, which focused on the economic impact of the pandemic, and provides key takeaways on topics such as debt relief, financing for COVID-19 response, multilateral partnerships, and efforts to support global supply chains. In this readout of the 2020 Spring Meetings, CIC director Sarah Cliffe details the historic—but ring-fenced—debt moratorium and accelerated financing deal that were reached, as well as efforts to inject more global financing through an exceptional issue of IMF Special Drawing Rights. The briefing also covers partnerships between the United Nations and the international financial institutions, including a call for collaboration on global supply chains for medical equipment, agricultural inputs, and other goods and services.
Topic:
Governance, Finance, Multilateralism, Crisis Management, Humanitarian Crisis, IMF, COVID-19, and Supply
Political Geography:
Global Focus